7. A series of transactions for Ace Repair is given below. Use the chart to show the effect of each of the transactions on assets, liabilities, and owner's equity by placing an x in the appropriate columns of the chart. Two transactions are done for you. Transactions 1. Performed a service for a customer for cash. - completed 2. Performed a service for a customer on credit. 3. Sold a computer for cash for its value as shown in the accounts. - completed 4. Sold fax machine for cash at less than its value as shown in the accounts. 5. Purchased an automobile on credit. 6. Paid cash to have the automobile repaired. 7. The owner took out cash for his personal use. 8. Paid an employee a weekly salary in cash. 9. The owner took an automobile out of the business for his permanent personal use. 10. Paid cash to the bank to reduce the bank loan. 2020-07-24 Asset Liability No. Increase Decrease Decrease Increase (Increase) 1 X 2 3 X X 4 5 6 7 8 9 10 Revenue (Equity) Expense (Equity) Drawings (Equity) (Decrease) (Decrease) X Page 2 of 9